Choosing between public or private provision of a good always lead to market efficiencies.
A. True
B. False
C. Uncertain
C. Uncertain
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If a 35 percent increase in price of golf balls led to an 42 percent decrease in quantity demanded, then the demand for golf balls is
A) relatively elastic. B) relatively inelastic. C) perfectly elastic. D) unit elastic.
What is the relationship among the following variables for a perfectly competitive firm: the market price, average revenue and marginal revenue?
A) As a firm lowers the market price to sell more output, marginal revenue and average revenue will be less than the market price. B) Average revenue is equal to marginal revenue; average revenue is greater than the market price. C) The market price is equal to both average revenue and marginal revenue. D) Average revenue is equal to the market price; average revenue is greater than marginal revenue.
Refer to Figure 1. The figure represents a circular-flow diagram. Boxes A and B represent
a. firms and households.
b. households and government.
c. the markets for goods and services and the financial markets.
d. the markets for goods and the markets for services
The Celler-Kefauver Act outlawed predatory pricing.
Answer the following statement true (T) or false (F)